5 Steps to Clean Up Your Accounting Records
December 11, 2018 | Becky Betsill
As we approach the end of 2018, it’s time to start thinking about closing out your books and preparing for the March 15, 2019 Federal tax filing deadline. Use these five questions when evaluating your books and considering getting outside help:
1. When was the last time you looked at your financial statements?
2. When was the last time you reconciled your bank and credit card statements?
3. Have you recorded all of your income and business expenses?
4. Have you recorded any asset purchases (vehicles, equipment, real estate, etc) on your Balance Sheet?
5. Are all of you loans recorded on your Balance Sheet?
If you haven’t completed these tasks at least through the end of September, you may have difficulty catching up. If your New Year’s weekend consists of paper football rather than real football, or if you fight this same battle year-end and year-out, it may be time to consider assistance.
This article is contributed by Freight Depot Accounting, “FDA.” FDA provides customized bookkeeping for startups and small businesses.